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Title:
Future of SME finance（/docs/pos_papers/2004/041027_SME-finance_final.doc）
Background – the environment for SME finance has changed
Future economic recovery will depend on the possibility of Crafts, Trades and SMEs to exploit their potential for growth and employment creation.
SMEs make a major contribution to growth and employment in the EU and are at the heart of the Lisbon Strategy, who main objective is to turn Europe into the most competitive and dynamic knowledge-bad economy in the world. However, the ability of SMEs to grow depends highly on their potential to invest in restructuring, innovation and qualification. All of the investments need capital and therefore access to finance.
Against this background the consistently repeated complaint of SMEs about their problems regarding access to finance is a highly relevant constraint that endangers the economic recovery of Europe.
Changes in the finance ctor influence the behavior of credit institutes towards Crafts, Trades and SMEs. Recent and ongoing developments in the banking ctor add to the concerns of SMEs and will further endanger their access to finance. The main changes in the banking ctor which influence SME finance are:
• Globalization and internationalization have incread the competition and the profit orientation in the ctor;
• worning of the economic situations in some institutes (burst of the ITC bubble, insolvencies) strengthen the focus on profitability further;
• Mergers and restructuring created larger structures and many local branches, which had direct and personalized contacts with small enterpris, were clod;
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• up-coming implementation of new capital adequacy rules (Bal II) will also change SME business of the credit ctor and will increa its administrative costs;
• Stricter interpretation of State-Aide Rules by the European Commission eliminates the support of banks by public guarantees; many of the effected banks are very active in SME finance.
All the changes result in a higher nsitivity for risks and profits in the finance ctor.
The changes in the finance ctor affect the accessibility of SMEs to finance.
Higher risk awareness in the credit ctor, a stronger focus on profitability and the ongoing restructuring in the finance ctor change the framework for SME finance and influence the accessibility of SMEs to finance. The most important changes are:
苏轼被贬经历• In order to make the higher risk awareness operational, the credit ctor introduces new rating systems and instruments for credit scoring;
• Risk asssment of SMEs by banks will force the enterpris to prent more and better quality information on their business;
• Banks will try to pass through their additional costs for implementing and running the new capital regulations (Bal II) to their business clients;
• due to the increa of competition on interest rates, the bank ctor demands more and higher fees for its rvices (administration of accounts, payments systems, etc.), which are not only additional costs for SMEs but also limit their liquidity;
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• Small enterpris will lo their personal relationship with decision-makers in local branches – the credit application process will become more formal and anonymous and will probably lo longer;
• the credit ctor will lo more and more its “public function” to provide access to finance for a wide range of economic actors, which it has in a number of countries, in order to support and facilitate economic growth; the profitability of lending becomes the main focus of private credit institutions.什么风送爽
All of the developments will make access to finance for SMEs even more difficult and / or will increa the cost of external finance. Business start-ups and SMEs, which want to enter new markets, may especially suffer from shortages regarding finance. A European Code of Conduct between Banks and SMEs would have allowed at least more transparency in the relations between Banks and SMEs and UEAPME regrets that the bank ctor was not able to agree on such a commitment.
Towards an encompassing policy approach to improve the access of Crafts, Trades and SMEs to finance
All analys show that credits and loans will stay the main source of finance for the SME ctor in Europe. Access to finance was always a main concern for SMEs, but the recent developments in the finance ctor worn the situation even more. Shortage of finance is already a relevant factor, which hinders economic recovery in Europe. Many SMEs are not able to finance their needs for investment.
